#7 - Treasury report March 2022
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#7 - Treasury report March 2022
We share a breakdown of the current Merit Circle DAO treasury including any outstanding investments.
With the coming of a new month, we are glad to share the latest treasury report. In this report, we provide an exact overview of the DAO’s current financial status. We share a breakdown of the current Merit Circle DAO treasury including any outstanding investments, buybacks and other financial activities.
This treasury report is based on the status of the treasury on the 28th of February 2022.
Treasury status
In the past month the treasury increased from $113,362,115 in January to $120,992,104 at the end of February, a 6.7% increase from the previous month. The Merit Circle DAO has realized $4,845,263 in total income during the month February from token and NFT sales.
According to the mandate the proceeds from these token sales are handled as follows;
1,176,998 USDC sent back to the treasury
294,250 USDC to buy back wBTC+ETH
1,385,503 MC bought back from the market.
1,108,980 MC sent back to the treasury
276,523 MC to be burned
Part of the realized profits will be utilized to place buy orders underneath the current MC market price to buy back MC tokens for the treasury and burning purposes. This will allow the DAO to both set a soft floor price for MC and reduce the outstanding MC supply, which is beneficial to the ultimate value of MC.
Gaming operations
The month of February has been an exciting month where the new games came to fruition and we brought in new game managers for the upcoming game releases. continuously analyzing the sustainability of the games we’re currently playing, we increase or decrease our exposure.
Axie Infinity
As many are aware, Axie Infinity has had a downfall in rewards and sustainability essentially transferring from Play-to-Earn to Play-and-Earn. Whereas players could previously play and earn a decent income, now players are having fun and earning a little on the side as a nice bonus. However, the upcoming new version of the game will change all of this, as Axie Infinity has announced themselves.
We currently have around 3,000 gamers playing Axie Infinity with the DAO’s assets earning SLP. Due to the changing climate, we have migrated some gamers from Axie Infinity to other games.
Wonder Hero
As of the end of February, we have filled all 550 slots we currently have for WonderHero with our gamers daily playing the game. Essentially, they are providing feedback for the game and thereby contributing to the success of the game. Our gamers have collectively earned more than $20,000 in rewards so far.
Cyball
In the last week of February, Cyball officially opened their gates to the public. We were one of the fortunate testers of the Closed Alpha and therefore knew what to expect. Besides the standard hiccups a launch contains, we have been enjoying the brief moments of playing Cyball so far with our gamers.
We currently have 1,000 slots available and are actively making ways to fill these slots. The goal is to have these slots filled by the end of the month and actively start earning $CBT.
Treasury overview
The Merit Circle DAO’s treasury balance as of the 28th of February 2022 is $120,992,104
When calculating our treasury’s balance, we only include non-native assets. This means we do not count the balance of MC tokens towards the total balance of our treasury since it might paint a diluted picture of the reality.
Since MC tokens will not be utilized for investment purposes, they will not be included in our balance sheet. Those interested can view the current balance in the mainDAO’s wallet to be viewed in the wallet overview beneath. In that sense, we have not included the DAO’s AXS & SLP balance, since both are mainly used for breeding purposes marking them as working capital instead of additional treasury funds.
We will break down the treasury in four categories; cash, staking, NFTs and tokens.
Cash
Staking
NFTs
Tokens
Wallet overview
To operate completely transparent, we would like to provide a full list of wallet addresses the DAO currently utilizes.
Ethereum
Binance smart chain
Solana
Ronin
To conclude
With the introduction of a new era for Merit Circle we have shown what we are capable of launching our very first creative project called Edenhorde. The launch has generated significant revenue resulting in large buybacks and refilling of the treasury’s USDC holdings. We are starting the year strong even though the market is trending downwards. Excited about the future we move forward.
Notes
All of the balances and prices are based on calculations made on the 28th of February 2022
All of the investments made after the 28th of February 2022 are not included in the treasury report unless specifically mentioned.